“Global Hyperbaric Oxygen Therapy (HBOT) Devices/Equipment Market Analysis By Product (Monoplace, Multiplace, Topical HBOT Devices,Infection Treatment, Gas Embolism) Forecasts 2014 – 2025” Purchase This Report by calling ResearchnReports.com at +1-888-631-6977.
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The Global Hyperbaric Oxygen Therapy (HBOT) Devices/ Equipment market size was estimated at USD 2.21 billion in 2016. The introduction of HBOT technique enhances the effectiveness of leukocytes, especially in the wound site and hinders the toxic effect of carbon monoxide (CO) and cyanide. Growing acceptance of this technology globally is one of the key factors expected to boost the market during the forecast period.
The growing investment by private players such as OxyHealth and SOS Group Global Ltd. to develop technologically advanced HBOT systems is also among few factors anticipated to propel growth. The development of portable HBOT systems and growing number of clinical trials that are sponsored by various universities & players indicate ongoing advancement and are contributing to growth of the market. The presence of technology assessment organizations, such as Cochrane Collaboration, Alberta Heritage Foundation for Medical Research, and Agency for Healthcare Research & Quality (AHRQ), that review evidence backing use of hyperbaric oxygen for various conditions is also one of the factors indicating the ongoing R&D activities in this field. Technological advancement in the field of hyperbaric oxygen therapy devices is anticipated to drive the demand over the coming few years.
The growing usage of hyperbaric oxygen therapy in wound healing and cosmetic procedures is one of the factors anticipated to boost the demand over the coming few years. Increasing number of athletes resulting in surge in demand for this technology. However, the rift between FDA-approved uses and off-level uses is one of the factors that is impacting the growth negatively. Currently, the FDA has approved use of these devices for thirteen conditions, such as, gas embolism, carbon monoxide poisoning, diabetic foot ulcers, decompression sickness, necrotizing infections, and wound healing.
Some of the other uses of this device that have not been cleared by the U.S. FDA are stroke, Parkinson’s disease, multiple sclerosis, depression, Alzheimer’s disease, AIDS/HIV, and others. Both approved and unapproved uses are extensive and include a similar number of physiological and neurological conditions. In spite of the abovementioned restraining factor, HBOT continues to witness a surge in its adoption rate in hospitals and clinics. Based on a research paper, nearly 90% (1,800 out of 2,000) hospitals and 71% (500 out of 700) clinics are now offering hyperbaric oxygen therapies, due to its noninvasive nature. This is expected to further impel the growth over the coming few years.
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Monoplace HBOT devices emerged as the leading product category and accounted for over 76% of the total revenue in 2016. The commercial availability of monoplace systems and high adoption of such devices, due to ease of handling and less requirement of hospital gas supply are some of the key factors that can be accounted for its revenue share in 2016. The market is majorly dominated by few products such as BARA-MEDXD, BARA-MED, BARA-MED Select by ETC Hyperbaric Chambers (Environmental Tectonics Corporation); PAH-S1 Hyperbaric Chamber & PAH-S1-3800 Hyperbaric Chamber by Pan-America Hyperbarics, Inc.
Moreover, the monoplace HBOT devices segment is anticipated to exhibit the highest growth rate. The growing demand for monoplace systems in hospitals & clinics due to its higher availability in the market and ease in installation is also one of the pivotal factors, which is expected to further drive the market. The technological advancement related to monoplace systems such as portability and some other features such as user-friendly operability and low maintenance cost are few of the factors that are expected to propel the market growth over the coming few years.
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Within application segments, wound healing was the largest segment in 2016 owing to the growing global prevalence of chronic & acute wounds and wound site infection. In the U.S., chronic wounds affect approximately 6.5 million patients and they spend over USD 25.00 billion annually for the treatment of chronic wounds. The rising healthcare costs, increasing prevalence of obesity & diabetes, and growing aging population are some of the key factors that result in surging demand for treatment of chronic and acute wounds. These factors can be accounted for majority of the revenue share held by the wound healing segment.
According to the estimates reported in the NCBI, about 1 to 2% of the total population of developed nations will experience a chronic wound in their lifetime. In emerging economies, the share is expected to be higher. Moreover, the rising threat of chronic wounds due to increasing prevalence of diabetes and obesity is also among some of the contributing factors.
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Some of the key participants of HBOT devices market include Fink Engineering; ETC Hyperbaric Chambers (Environmental Tectonics Corporation); HAUX-LIFE-SUPPORT; Gulf Coast Hyperbarics, Inc.; HEARMEC; IHC Hytech B.V. (Royal IHC); Hyperbaric SAC; Sechrist Industries, Inc.; OxyHeal International; and SOS Group Global Ltd.. Growing investments in R&D activities and new product development are expected to be the key parameters for maintaining competitive edge, with frequent partnerships being undertaken as an attempt to diversify product portfolios and gain share.
Various other trends that are further expected to propel growth include strategic alliances between some of key players who majorly focus on product expansions and establishment of market in the emerging regions through increased investment. Moreover, geographic expansion activities in developing countries and focus on the introduction of cost-effective medical devices by market players are expected to strengthen the market and establish their position in the global market.
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